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Russia expects decrease in capital flight in 2012, minister says

April 23, 2012, 23:40 UTC+3
In 2011, more than 80 billion U.S. dollars were taken out of Russia, which worries the Finance Ministry, he said
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Photo ITAR-TASS

Photo ITAR-TASS

NEW YORK, April 23 (Itar-Tass) —— Russian Finance Minister Anton Siluanov said he expects a decrease in capital flight from the country in 2012.

“We expect a decrease in capital flight this year even though the first months indicate a high rate of outflow,” Siluanov said at a meeting of the New York Council on Foreign Relations on Monday, April 23.

In 2011, more than 80 billion U.S. dollars were taken out of Russia, which worries the Finance Ministry, he said.

In his opinion, there are several reasons for that. “First of all, a part of the money from the influx of cash from high oil prices could not be used in Russia and went to developed markets. Besides, there was the aftermath of the crisis, which caused capital flight not only from Russia but also from other developing markets. Third, some of our investors preferred to invest in foreign assets because a number of assets in industrialised countries had become cheaper,” he said.

The Russian Ministry of Economic Development said earlier it expected an influx of capital into the country after the presidential election in March.

“Capital will start flowing in after the election,” Deputy Minister of Economic Development Andrei Klepach said. “We expect an influx in the second half of the year”.

In his opinion, stability will bring capital into the country, while instability will increase the risk of capital flight.

In late November 2011, Klepach said that the Ministry of Economic Development expected a net influx of capital in the amount of about 30 billion U.S. dollars a year in 2013-2014.

The ministry expected a net outflow of capital in 2012 in the amount of 20 billion U.S. dollars.

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